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Financing Your Future - Miami Orientation 2021
- 1. MiamiOH.edu/publicivy Financing Your Miami Education
- 2. MiamiOH.edu/publicivy AN INVESTMENT THAT PAYS DIVIDENDS FOR A LIFETIME.
- 3. MiamiOH.edu/publicivy • Scholarships • Federal and State Grants • Student and Parent Loans • Private Educational Loans • On-Campus Employment FINANCIAL AID
- 4. MiamiOH.edu/publicivy Students applying by Miami's priority deadline of December 1 and meeting the specified criteria NON-RESIDENT ANNUAL VALUE OHIO RESIDENT ANNUAL VALUE WEIGHTED HIGH SCHOOL GPA MERIT SCHOLARSHIPS
- 5. MiamiOH.edu/publicivy FAFSA.gov • It’s not too late! • Miami’s Code: 003077 • File every year. Free Application for Federal Student Aid (FAFSA)
- 6. MiamiOH.edu/publicivy COA EFC Financial Need The difference between the cost of attendance and the expected family contribution. FINANCIAL NEED
- 7. MiamiOH.edu/publicivy MiamiOH.edu/Grants • Est. award amount is $2,000 per year • Students must be Pell eligible to qualify • Ohio Residents only Ohio College Opportunity Grant (OCOG) • Award amount is $1,000 per year • Students must be Pell eligible to qualify Federal Supplemental Education Opportunity Grant (SEOG) • Award amounts varied from $672 to $6,495 for 2021-2022 school year • Students must have high need to qualify Federal Pell Grant GRANTS
- 8. MiamiOH.edu/publicivy 1st Year: $5,500 (0-30 credit hours earned) 2nd Year: $6,500 (31-63 credit hours earned) 3rd & 4th Year: $7,500 (64+ credit hours earned) UNSUBSIDIZED Borrower is responsible for all interest accrued (even while in school). Federal Direct Stafford Loan SUBSIDIZED U.S. Department of Education pays interest while borrower is in school. LOANS
- 9. MiamiOH.edu/publicivy • Loan usually in student’s name with credit-worthy co-signer • Amount borrowed cannot exceed total costs minus other aid. Private Educational Loans • Loan in parent’s (guardian’s) name. Credit check required. • Amount borrowed cannot exceed total costs minus other aid. Parent PLUS Loans MiamiOH.edu/Loans LOANS
- 10. MiamiOH.edu/publicivy MiamiOH.edu/StudentEmployment • $8.80 - $12.10 per hour • Paid every two weeks • Practical experience for the resume On-Campus Employment
- 11. MiamiOH.edu/publicivy *Costs and dates subject to change MiamiOH.edu/PaymentPlan PAYMENT PLANS*
- 12. MiamiOH.edu/publicivy Rolling Basis Late March FINANCIAL AID NOTIFICATIONS
- 13. MiamiOH.edu/publicivy Cost of Attendance FINANCIAL AID OFFER LETTER
- 14. MiamiOH.edu/publicivy Cost Breakdown (Minus Aid) Self-Help Aid Scholarships and Grants FINANCIAL AID OFFER LETTER
- 15. MiamiOH.edu/publicivy Tentative Offer FINANCIAL AID OFFER LETTER
- 16. MiamiOH.edu/publicivy Student Cannot Obtain Information from Parents (due to incarceration or abusive situation) Change in Marital Status Medical Bills Not Covered by Insurance Change in Employment Status Special Circumstances APPEALS
- 17. MiamiOH.edu/publicivy • Billed July & December – more detail at Summer Orientation • *All Tuition, Fees, Housing, and Meals (Room & Board) subject to approval by the Board of Trustees in summer 2021 OHIO RESIDENTS Tuition (Instructional Fee & General Fee): $16,544* Housing and Meals (Room & Board): $15,080* Total: $31,624 NON-OHIO RESIDENTS Tuition (Instructional Fee & General Fee): $37,380* Housing and Meals (Room & Board): $15,080* Total: $52,460 ESTIMATED TUITION AND FEES
- 19. MiamiOH.edu/publicivy Scholarships retain full value. Includes 4 academic years (8 consecutive semesters, 4 winter and 4 summer terms). Guarantees tuition, room and board, special purpose fees, and course fees remain constant. MIAMI’S TUITION PROMISE
- 25. MiamiOH.edu/publicivy AN INVESTMENT THAT PAYS DIVIDENDS FOR A LIFETIME.
Editor's Notes
- 1
- One thing that I know for sure is that Miami is an investment that pays dividends for a lifetime! When it comes to a return on that kind of an investment… Miami has always been known for the success of it’s graduates. We believe that a Miami education is one that will repay itself many times over in a lifetime And to that end, Miami is committed, within the limits of our available funding, to help students achieve that investment
- When we talk about paying for college, typically that is going to fall under the options of scholarships, federal and state grants, loans, employment and payment plans as pathways for students to finance their Miami education. Currently about ¾ of our students receive some form of assistance
- In terms of scholarships Miami University is pleased to offer merit scholarships to academically accomplished first-year, full-time undergraduate students who enroll on the Oxford campus for Fall 2021. To earn a scholarship, students must apply by the deadline and meet the minimum academic criteria. No separate scholarship application is necessary. Our scholarships start at a 3.50 GPA and merit scholarships range from $1,000 to full-tuition annually Our merit awards are all 4-year renewable with notifications of these awards going out to families beginning this past December and continuing through March
- The beginning point of the aid application process for grants and loans is the Free Application for Federal Student Aid (FAFSA.) Even though we recommended that it is completed by February 1, there is still time to complete the application. Our school code and the FAFSA website is listed here The FAFSA takes the income information supplied by the family and pushes that data through a federal formula to determine your families Expected Family Contribution (EFC) and that EFC is used to help determine what a student’s level of financial need will be each year
- Once Miami receives the FAFSA the first thing we do is construct a Cost of Attendance or COA which is comprised of Direct charges and Indirect charges Direct charges - charges for which the student will be billed – tuition, fees, room, board Indirect charges – charges for which you the student is NOT billed but will still need to budget for such as Books/supplies Transporation We take the COA and subtract from it the Expected Family Contribution and the resulting difference is the student’s financial need We use financial need to determine your need-based aid eligibility
- By completing the FAFSA, students can become eligible for 1 of several grants, and grants are free money and are not repaid One of those grants is the Pell grant, a federal high-need based grant, with a max award of $6,495 for the 2021-22 school year There is also the Federal Supplemental Education Opportunity Grant (SEOG) which is another federal high-need based grant, with a max award of $1,000 at Miami And finally the Ohio College Opportunity Grant (OCOG) which is state high-need based grant with a max award estimated at $2,000 for the current school year. Students must be Ohio residents to qualify for this grant
- Also by completing the FAFSA students will be offered one or a combination of the Federal Direct Stafford Subsidized (which is a need based loan) and/or Unsubsidized Loans While loans are under heavy scrutiny right now, especially in the media at Miami, we believe student loans are a solid investment in a student’s education, provided that students borrow smartly when considering their expected professional outcome. When students enroll, we have tools and counseling available to help ensure they are not over borrowing These federal student loans are made in the student’s name Don’t require credit check or co-signer And students can borrow up to $5,500 the first year, and that amount increases to $6,500 in the sophomore year, and $7,500 in the JR and SR years Repayment begins 6 months after graduation and can be deferred if a graduate degree is sought Interest rate is fixed and for this school year is xxxxx
- In addition to Federal student loans Federal Parent loans can be borrowed by the parent, earmarked for the student’s educational costs, and require a light credit history review No maximum amount except the cost to attend minus aid already received Interest rate is fixed and this school year is xxxxx Another loan option would be Private educational loans which are typically borrowed in the student’s name and require a co-signer Interest rate is determined by the overall credit score of the applicant and co-signer. Families with excellent credit history may very well obtain a lower interest rate than the xxxx of the PLUS loan At Miami, we know 65% (do we have new data for this ) of our families obtain a better interest with a Private educational loan than that of the Parent PLUS loan For more information on loans you can visit our loans page
- Another way that students can help finance their education is through on-campus employment On campus employment is an excellent way to meet some of those indirect or out-of-pocket expenses In any give year, about 5,500 students work on campus in a wide variety of jobs, with some of the more popular work locations being our libraries or recreational sports center Students who obtain a job are paid bi-weekly, with our pay range going from minimum wage of $8.80 up to $12.10 per hour. Pay rates vary based on the types of duties to be performed and to find a job, students should visit the visit our student employment page
- Finally, we have two interest free payment plans available Our payment plans will be finalized this spring and those that confirm will receive a communication from us about those plans We have a: 4 pay payment plan with a $40 enrollment fee in which the first payment would be due in July and last in October 3 pay payment plan with a $45 enrollment fee in which the first payment would be due in August and last in October Please visit our payment plan page for more information
- At this time in the presentation I want to point out a few things regarding the award notifications that we make available via your student’s Applicant Status Page I mentioned this earlier, but we started releasing our award notifications in December, with some also going out in January and February. We promise to provide an award notice by late March, if a FAFSA is filed The notification contains the Financial Aid Offer Letter, Steps to Finalizing Your Financial Aid, and a Glossary of Financial Aid Terms.
- Over the course of the next few slides, you will see an example of the Financial Aid Offer Letter that students will be able to view from the Applicant Status Page as part of the Financial Aid Notification There are 4 sections to our Financial Aid Offer Letter (in some cases 5): First is the Cost of attendance section - we provide an estimate of our costs per semester and for the year. Cost are broken down by direct costs- costs that are billed to the student AND indirect costs- costs that are not billed to the student but that you still need to budget for. And then finally a total estimated cost of attendance is shown per semester and for the year.
- Next is the Scholarships and grants or Gift Aid section – where we list the free money available Then the Self help section – which shows aid like loans, work and work study Finally, a cost breakdown is provided as How Much Do I Owe – Here, We do the math and show what is left after the application of all aid
- The other section of the Financial Aid Offer Letter that is in some cases displayed is the Tentative Offer section.- When students have this Tentative Offer section on their Financial Aid Offer letter, it means that they have been selected for a review process of the Free Application For Federal Student Aid (or FAFSA) which is simply to ensure that the application was completed correctly or resolve conflicting information. If a student has this Tentative Offer section displayed on their Financial Aid Offer Letter they should follow the instructions to complete the review in a timely manner to finalize their aid offer, as the offer is tentative until the process is complete.
- After students receive their aid offer, you may be wondering how you can notify us of changes to your financial circumstances that might impact your ability to finance your education at Miami. We do have an appeal process for recalculating a student’s eligibility for federal need-based aid to take this into consideration We know the FAFSA is based on income that is now 2 years old If you have any circumstances like those listed on this slide, we may be able to recalculate your student’s eligibility for federal need-based aid If you see your family’s situation on this slide, please make it a point to talk to us.
- Here is a look at our expected tuition, room, and board costs for this fall These amounts are subject to change as our Board of Trustees will set the final costs later this summer I will point out these are full-year costs and students are billed for one-half in July for the fall semester and for the second half in December for the spring semester If students decide to attend Winter or Summer term/semester, there is a separate cost for that which is not included in these totals Read costs and totals
- In terms of costs at Miami, Miami University is proud to offer the Miami Tuition Promise Tuition Program While college costs are on the rise nationally, Miami’s Tuition Promise provides students and parents that their cost of a Miami education will not increase over the four academic years Let me say that again – we promise that your tuition will not increase during your 4 years here. A 0% tuition increase
- Our tuition promise: (Read bullets) In other words, you have predictability and transparency around our tuition costs
- As we conclude, I would like to touch on some points that we here at Miami are very proud of and excited to share: At Miami our students experience outcomes that boost incomes Miami University is proud of the return on investment that our graduates achieve We’ve been recognized nationally:
- Miami was listed in Kiplinger's Personal Finance Magazine as one of the "100 Best Values in Public Colleges" for a reason. We are committed to making your Miami education and experience affordable
- Miami ranks 21st among all publics in the country for our 4-year graduation rate We are not interested in keeping your daughter or son here for 5th or 6th semester. We have whole offices devoted to helping your daughter or son succeed and graduate in 4 years
- We also surveyed our May 2019 graduates and discovered that by August 2019, 96% of our graduates were employed or were seeking an advanced degree I would say these are all very awesome outcomes!
- For additional questions after today’s meeting, please contact the One Stop
- Thank you